Shekel loses ground to dollar

September 14, 2011 12:47

The shekel was weaker against the dollar and euro in Wednesday morning inter-bank trading. The shekel-dollar exchange rate was up 0.52% to NIS 3.732/$, and the shekel euro rate was up 0.19% to NIS 5.10/€.

The shekel strengthened against the euro as the debt crisis in Europe deepened. Tuesday's successful bond issue by Italy failed to alleviate concerns: Italy raised €1 billion, but a high interest rate of 5.65%, reflected deep fears about its ability to repay. Italy was due to make a €14.5 billion bond repayment on Thursday.

US retail sales data for August was scheduled to be published on Wednesday. They were expected to show just 0.2% growth, less than half the 0.5% growth in July. US President Barack Obama is continuing the campaign for his $447 billion jobs bill, but a "Bloomberg" poll found that most Americans doubt that it will lower the unemployment rate.

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